Instructions for Form N-586 Tax Credit for Low-Income Housing - Hawaii

Form N-586 Tax Credit for Low-Income Housing - Hawaii

This document contains official instructions for Form N-586 , Tax Credit for Low-Income Housing - a form released and collected by the Hawaii Department of Taxation. An up-to-date fillable Form N-586 is available for download through this link.

FAQ

Q: What is Form N-586?A: Form N-586 is a tax form used to claim the Tax Credit for Low-Income Housing in Hawaii.

Q: What is the Tax Credit for Low-Income Housing?A: The Tax Credit for Low-Income Housing is a credit that provides financial incentives to individuals or entities that develop or operate low-income housing in Hawaii.

Q: Who is eligible for the Tax Credit for Low-Income Housing?A: Developers or operators of low-income housing in Hawaii may be eligible for the Tax Credit for Low-Income Housing.

Q: How can I claim the Tax Credit for Low-Income Housing?A: You can claim the Tax Credit for Low-Income Housing by filling out Form N-586 and attaching it to your Hawaii state tax return.

Q: What documentation is required to claim the Tax Credit for Low-Income Housing?A: You may be required to provide documentation such as a summary of the low-income housing project, tenant income certifications, and supporting financial records.

Q: Are there any limitations or restrictions to the Tax Credit for Low-Income Housing?A: Yes, there are limitations on the amount of credit that can be claimed and specific requirements for the property to qualify as low-income housing.